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A comment on Shorting Bitcoin. Parent comment

Re:Shorting Bitcoin by dkarras on Tuesday June 29, 2021 @02:53AM (#27672695)
It's also worth reflecting on the fact that banking being terrible is predominantly an American problem among the developed nations. Even in 3rd world countries, banking is pretty awesome. Checks have been obsolete for decades, any kind of money transfer takes around 5 seconds after you press send from your bank's app, even during weekends and between different banks. Transfer limits are generally settable from the apps as well. Worst case they sort you out through phone immediately. Waiting for 3 weeks for something like that is unheard of where I live which is a developing country.
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Re:Shorting Bitcoin by bhawks on Tuesday June 29, 2021 @03:19AM (#27672848)
And crypto gives the entire world that great experience, without needing a bank or a government. It is hard to say that isn't an amazing technical solution to an organizational problem.

There are worse countries to manage your finances in than the US by the way. Lebanon is in the midst of a terrible bank and currency crises. People literally are not allowed to take money from the bank. This happens repeatedly throughout history.

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Re:Shorting Bitcoin by retube on Monday July 05, 2021 @06:35AM (#27736414)
> And crypto gives the entire world that great experience, without needing a bank or a government

ha ha keep drinking the kool aid:

- crypto is difficult to use (really, no one wants the hassle of managing private keys)

- transactions are irreversible (i realise by design, but actually most people just want some measure of fraud protection)

- often high transaction costs

- slow transaction times (>10 mins for btc, often longer, versus literally instant for conventional payments)

- very, very limited transaction rates.

- oh and you could easily lose your cash with no recovery (go to point one re private keys)

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Re:Shorting Bitcoin by dkarras on Wednesday June 30, 2021 @05:28AM (#27686587)
Yeah, no. Crypto does not provide (or even support) the experience I talk about when I say "great".
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